Novarese Balance Sheet

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	3,417	3,548	1,719	2,803	2,246
Cash & Short-Term Investments	3,417	3,548	1,719	2,803	2,246
Cash Growth	-3.69%	106.40%	-38.67%	24.80%	37.29%
Receivables	561	463	402	290	229
Inventory	298	255	241	230	200
Prepaid Expenses	-	54	67	-	-
Other Current Assets	157	61	95	199	489
Total Current Assets	4,433	4,381	2,524	3,522	3,164
Property, Plant & Equipment	17,529	16,050	15,820	14,718	14,753
Long-Term Investments	1,215	1,112	1,051	960	1,283
Goodwill	11,203	11,203	11,203	11,203	11,203
Other Intangible Assets	127	85	71	68	76
Long-Term Deferred Tax Assets	2,314	1,898	1,630	1,506	2,145
Other Long-Term Assets	2	3	2	3	2
Total Assets	36,823	34,732	32,301	31,980	32,626
Accounts Payable	1,943	1,701	1,427	1,358	1,191
Accrued Expenses	-	435	408	-	-
Short-Term Debt	4,459	1,770	1,551	13,068	3,646
Current Portion of Long-Term Debt	-	2,411	1,848	-	-
Current Portion of Leases	-	1,000	982	-	-
Current Income Taxes Payable	871	997	662	179	25
Current Unearned Revenue	-	5	-	-	-
Other Current Liabilities	4,124	1,326	1,299	3,288	3,205
Total Current Liabilities	11,397	9,645	8,177	17,893	8,067
Long-Term Debt	7,911	9,347	9,688	1,058	12,949
Long-Term Leases	-	4,822	4,937	-	-
Other Long-Term Liabilities	7,407	2,073	1,322	5,795	6,023
Total Liabilities	26,715	25,887	24,124	24,746	27,039
Common Stock	30	100	100	100	100
Additional Paid-In Capital	1,471	6,150	6,150	6,150	6,150
Retained Earnings	8,541	2,529	1,865	923	-733
Comprehensive Income & Other	66	66	62	61	70
Total Common Equity	10,108	8,845	8,177	7,234	5,587
Shareholders' Equity	10,108	8,845	8,177	7,234	5,587
Total Liabilities & Equity	36,823	34,732	32,301	31,980	32,626
Total Debt	12,370	19,350	19,006	14,126	16,595
Net Cash (Debt)	-8,953	-15,802	-17,287	-11,323	-14,349
Net Cash Per Share	-357.40	-632.08	-691.48	-452.92	-114792.00
Filing Date Shares Outstanding	25.07	25	25	0.13	0.13
Total Common Shares Outstanding	25.07	25	25	0.13	0.13
Working Capital	-6,964	-5,264	-5,653	-14,371	-4,903
Book Value Per Share	403.15	353.80	327.08	57872.00	44696.00
Tangible Book Value	-1,222	-2,443	-3,097	-4,037	-5,692
Tangible Book Value Per Share	-48.74	-97.72	-123.88	-32296.00	-45536.00

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.